Will Ripple (XRP) Reverse Its Current Downtrend?

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Ripple prices are supported by the weekly critical support, and XRP price may bounce from here. If not, then get ready for the XRP price discovery mode for the support.

XRP Price Analysis:

XRP prices against USD are supported by the critical support marked by the red dotted line, i.e., $0.194 in the below-given chart. XRP prices could not hold the key support area at $0.29 earlier and get rejected; it is currently trading under the nine days SMA (Simple Moving Average). Weekly XRP prices are trading at the important support, and XRP might bounce from here. Weekly RSI is at 33.94 which is skewed towards the oversold region and Stoch RSI is indicating that the prices are at the oversold region and due for a reversal.

Daily prices are trading below 9 days, 21 days, and 49 days SMA, and the prices are forming a symmetrical triangle and approaching the apex. Since prices are supported by the weekly critical support as of now, XRP prices may bounce rather than going down. XRP prices touched the lower BB and it’s returning to the mean average at $0.21 represented by the red line in the below-given chart. XRP prices are trying to do S/R (Support/Resistance) flip here at the weekly support; if successful, then $0.21- $0.22 and $0.24 is the next important resistance level. Daily RSI is at 37.62 which is more skewed towards the oversold region.

Laying Ichimoku Kinko Hyo over the above mentioned 1D chart, the following things can be observed:

• Prices are below the Kumo, bearish.
• Prices are below the Tenkan Sen (blue line) and Kijun Sen (red line); bearish.
• Chikou Span is below the Kumo and price candles; bearish.
• If prices bounce from here, the next important resistance is marked by the Senkou Span A at $0.24 and Senkou Span B at $0.26.

Conclusion: XRP prices are supported by the weekly critical support, bulls need to defend this critical support as this is the last resort. If prices break down this $0.19 support, then XRP prices will enter the price discovery mode for the support and will go further down the rabbit hole.